Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Spanish Insurance group GCO, Grupo Catalana Occidente, has reached an agreement in July 2023 to implement a voluntary redundancy plan that includes a maximum of 488 voluntary departures. The plan focuses exclusively on structural staff members, and the locations affected are spread all over Spain.
The aim behind this restructuring is to achieve a better organisational fit for the corporate merger of Seguros Catalana Occidente, Plus Ultra Seguros, Seguros Bilbao, and GCO Reaseguros, scheduled for the end of 2023. Up to 488 structural employees are eligible for voluntary redundancy. The agreement was reached with most of the unions representing the workforce, namely CCOO, CGT, UGT and SICO. The plan was previously announced by GCO in December 2023. The consensus between GCO management and employee representatives was reached at the beginning of July, after a six-month period of information and consultation. The programme will be implemented over a year and a half, encouraging the voluntary departure of those closest to retirement.
Eurofound (2023), GCO (Grupo Catalana Occidente) , Merger/Acquisition in Spain, factsheet number 109280, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/109280.